Sam, a 63 year old helicopter pilot, contacted one of our agents regarding term life insurance coverage. Sam had a 10 year term life insurance policy that was in its 10th year of coverage and getting ready to substantially increase in price. Due to this, Sam desired to replace the policy with a new term life insurance policy that would lock in a reasonable price for the next 10 years. Sam did not anticipate needing any further life insurance coverage after the next 10 years.

Sam was in good shape health wise but had a somewhat hazardous occupation. The company he flew for was contracted to conduct firefighting activity as well as surveys. He flew for them 150 hours per year.

Almost every life insurance carrier on the market wanted a substantial “flat extra” to cover this risk. A flat extra is an additional amount added to the client’s premium payments. After extensive searching we found one life insurance company that was willing to offer a Standard Non-Tobacco rate with no flat extra at all! This company was Sagicor Life Insurance Company, an A- rated company out of Arizona. Sagicor’s rate was so good, a 10 year $200,000 policy was cheaper than his current policy! As most people know, life insurance gets more expensive every year we get older. To find Sam a cheaper policy for identical coverage 10 years later was quite the feat. Most importantly, Sagicor did not have an exclusion for Sam’s work. This is important as Sam wanted to be sure he would be covered in the event he perished at work.

This case study is yet another example of why it’s important to always shop tough life insurance cases with an independent firm that has access to many different life insurance carriers.